Insurers can now offer sum insured above Rs 5 lakh under ‘Arogya Sanjeevani Policy’
Regulator Irdai on Tuesday modified the norms of ‘Arogya Sanjeevani Policy’ by allowing health insurers to offer minimum sum insured of less than Rs 1 lakh and maximum of greater than Rs 5 lakh. As per the guidelines on ‘Standard Individual Health Insurance Product’, general and health insurers were allowed to offer sum insured options ranging from minimum Rs 1 lakh to maximum of Rs 5 lakh (in the multiples of Rs 50,000) for Arogya Sanjeevani Policy.
The norms have been modified to facilitate the general public, the Insurance Regulatory and Development Authority of India (Irdai) said in a circular.
“…Insurers are hereby allowed to offer minimum sum insured less than Rs 1 lakh and maximum sum insured greater than Rs 5 lakh subject to the underwriting policy of the insurers. The sum insured options shall be offered in the multiples of Rs 50,000 only,” it said.
Irdai further said insurers can launch the modified policy with immediate effect.
The popular Arogya Sanjeevani Policy covers hospitalisation, pre- and post-hospitalisation, AYUSH treatment, and cataract treatment.
The policy is a standardised insurance product offering to take care of the basic requirements of policyholders.